BANKRUPTCY.

Sun (Christchurch), Volume I, Issue 216, 16 October 1914, Page 4

BANKRUPTCY.

HOTEL LICENSEE'S AFFAIRS. MEETING ADJOURNED. A meeting of creditors in the bankrupt estate of John Kichard Wederell, late licensee of the Hotel Metropole, Akaroa, was held this morning, the Official Assignee (Mr G. Smyth) presiding. "Mr F. K. Hunt appeared on behalf of the bankrupt's brother, and about half-a-dozen creditors were represented. The statement Bhowed that there was owing to unsecured creditors £648 11/7, while the assets were estimated at.£l92, leaving a deficiency of £456 11/7. The Assignee said he understood that proceedings were being taken to declare bankrupt's brother a bankrupt. It was a partnership matter, and. there were no assets outside the partnership assets. He thought it would be better, after reading the bankrupt's statement, to adjourn till after the declaration of bankruptcy of bankrupt *s brother. Another meeting could then be, held, and the whole matter gone into. Bankrupt, in his statement, said he was amarried man with a family of six children. On July 2, 1913, he, in partnership with his brother, entered into occupation of the Hotel Metropole at Akaroa, paying for the goodwill of 17 months £550, which included the purchase money of the stock. The furniture was the property of Messrs Fletcher, Humphreys and Co. and Messrs Speight and Co. This £550 was found as follows:—Mace and Co., £100; himself, £294; and his brother the balance. ; The rent paid for the house was £6 10/- ; per week. He left the running of the business to his brother, as he was engaged for the most part in the bar. He did not take any interest in the receipts ; and expenditure of the house, as his j brother did all the business in that connection. In March last his brother visited Christchurch on business, but did not return, and bankrupt continued the business until May, during which time he found out that his position was not satisfactory. He notified the mortgagees that he could not carry on, and they then entered into possession. Subsequently Mr Bell took over the business and the license. During the time he was employed in the house bankrupt drew £25 to £3O, and, in addition, his wife and family lived on the premises. Bankrupt was a saddler by trade, al-

though he had had experience in the eonduct of hotels, but in this instance he was guided entirely by his brother, who conducted all the business. Bankrupt said he had not been extravagant in his habits, and had had no benefit from the business except a bare livelihood. It was possible that he might still have an interest in the estate of his late father. Having no means of payment, he could not satisfy the demands of his creditors. He was at present out of employment, and might have to resort to his trade for a living. In accordance with the Assignee's suggestion, the meeting adjourned after the reading of the statement.